'Preview' not working

Has anyone had the problem where 'Preview' (the OS X app) seems to NOT work?

It just started recently: when ever it launches it doesn't show the document, and it beach-balls forever. Is it corrupted somehow? I've used disk utility to repair permissions and that had no effect. How can I fix this? (It's annoying to use Word to open 20 word .txt files.

MacRumors attracts a broad audience
of both consumers and professionals interested in
the latest technologies and products. We also boast an active community focused on
purchasing decisions and technical aspects of the iPhone, iPod, iPad, and Mac platforms.